Biggest Scam in Nigeria” — Donald Duke Blasts Crude-for-Product Swap Deal

Former Cross River State Governor and 2027 presidential candidate of the People’s Redemption Party, Donald Duke, has described Nigeria’s crude-for-product swap arrangement as one of the biggest scandals allegedly carried out under the country’s oil sector.

Duke made the remarks while speaking at the 66th Annual General Conference of the Nigerian Bar Association in Port Harcourt, Rivers State.

According to Bush Radio Academy, the former governor questioned the transparency surrounding previous crude-for-product arrangements, arguing that Nigerians were not given sufficient details about the crude oil supplied, the refined products received and the by-products generated during the transactions.

He explained that crude oil produces several petroleum products, including petrol, diesel and aviation fuel, and argued that Nigeria should not compare the cost of products derived from its own natural resources with the prices paid by countries that depend on imported raw materials.

Duke specifically questioned reports that hundreds of thousands of barrels of crude were exchanged for petrol without adequate public disclosure of the other products generated from the crude.

He said the lack of clarity surrounding the transactions made him highly suspicious of the arrangement, adding that he did not believe Nigeria had a genuine fuel subsidy that could be described as having been removed.

Using the example of a farmer who produces 10 tonnes of maize but consumes one tonne to support his family and workers, Duke argued that using a portion of a country’s natural resources to meet domestic needs should not automatically be regarded as a subsidy.

On fuel pricing, the former governor maintained that Nigeria should leverage its crude oil resources to provide affordable energy for citizens and improve economic productivity.

Duke argued that energy remains one of the most important factors driving productivity and development, insisting that government should ensure that essential energy resources are readily available to Nigerians.

He also challenged concerns that cheaper petrol could encourage smuggling into neighbouring countries. According to him, Nigerians should not be forced to pay higher prices simply because authorities have difficulty controlling the nation’s borders.

As a possible solution, Duke suggested that petrol could be given a distinctive colour and subjected to tracking mechanisms to make it easier for authorities to identify fuel being illegally transported across the borders.

The 2027 presidential hopeful further criticised what he described as a lack of innovative thinking in the country’s governance, stressing that Nigeria’s vast energy resources should be deployed more effectively to stimulate production, reduce economic pressure on citizens and accelerate national development.